The California Housing Finance Agency’s (CalHFA) MyHome Assistance Program provides eligible Californias with up to 3.5% of their home purchase price to go towards a down payment. Assistance comes in the form of what the agency calls a “silent second.” This is essentially a deferred loan that requires no repayment until the home is sold, or the loan is refinanced or paid in full.
Homes financed with CalHFA loans receive a 3%.
Homes financed with FHA loans receive a 3.5%.
This is a first-time home buyer’s down payment assistance program. So it won’t help if you already own an existing home.
However, CalHFA defines a first-time home buyer as “someone who has not owned and occupied their own home in the last three years.” So many who’ve previously owned homes may qualify.
Check out the MyHome Assistance Program webpage for more information. You’ll find some income limits there. If you’re a teacher or fire department employee, certain program limits may not apply.
Also, take a look at HUD’s list1 of alternative programs for California.